You are here: Home - Mortgages - Buy To Let - News -

Government announces £1.3bn investment in homes, infrastructure and jobs

0
Written by: Emma Lunn
04/08/2020
The money will deliver up to 45,000 homes and create up to 85,000 jobs as part of a green economic recovery.

Housing secretary Robert Jenrick has announced that more than 300 “shovel-ready” projects in England will share a £900m investment to build homes and infrastructure, and create jobs.

The move is part of the government’s plan to deliver upgrades to local infrastructure and boost skills to help fuel a green economic recovery.

The £900m Getting Building Fund was first announced by Boris Johnson in June. As well as building homes and creating jobs, the investment is expected to reduce about 65 million kilograms of CO2 emissions across England.

Robert Jenrick, housing secretary, said: “As we get Britain building we are also laying the foundations for a green economic recovery by investing in vital infrastructure for local communities, creating jobs and building environmentally-friendly homes with a huge £1.3bn investment announced today.

“This government is determined to level up all parts of the country and this funding will not only give a much needed boost to our economic recovery, it will help build the good quality, affordable homes the country needs.”

Projects being funded include:

  • £23m for phase 1 of the development of commercial space at Mayfield Park in Greater Manchester, expected to deliver 3,200 jobs and attract more than 1 million visitors a year
  • £14.88m to accelerate the National Brownfield Land Institute, a project aiming to create a leader in sustainable construction which will support the housing deal and drive levelling up across the region
  • £12m to support a new high-speed railway station in Thanet, Kent, improving transport in the area and creating 800 new jobs

Green Homes Grant

Details of the new £2bn Green Homes Grant scheme, which will see the government fund up to two-thirds of the cost of home improvements of more than 600,000 homes, have also been announced.

This scheme was first announced by chancellor Rishi Sunak in the summer budget.

Tradespeople must register for TrustMark accreditation to take part in the scheme, which will cover green home improvements such as the insulation of walls, floors and roofs, and the installation of low-carbon heating, such as heat pumps or solar thermal.

The government says these measures could help homeowners save up to £600 a year on their energy bills.

Households on low income can receive vouchers covering 100% of the cost of the improvements, up to a maximum of £10,000.

Alok Sharma, business and energy secretary, said: “Green home improvements will save people money on their energy bills, help to cut carbon emissions, and create new work for many thousands of builders, plumbers and other tradespeople.

“Our TrustMark scheme will guarantee that building work is completed to a high standard by accredited tradespeople, ensuring consumers are fully protected.”

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week